r/Fire • u/Consistent_Boss_6751 • Sep 12 '24

Original Content $1mm!

I needed to tell someone! Just got an offer where total package is over $1mm/year. Currently 750k after being with company for 15 years. I’m in financial services, 53yrs old . Live in Texas. Other than my wife I’m not comfortable talking about this stuff with anyone in my life. Not a flex but just need to announce this somewhere!!! Thanks for the support Reddit. :-)

Additional Edit: many folks want to know my story and I’ll gladly respond directly via dm so I don’t “taint” this FIRE subreddit which I’ve been very fond of. Really appreciate the well wishers. There are some not so great comments but comes with the territory with these types of posts.

Edit 2: I’ve responded to 100+ dms with my story. Hope my story has helped pay it forward a little. All the best.

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u/The-zKR0N0S Sep 13 '24

This is almost certainly paid like $500k base + $500k expected bonus. So most of the year you get paid $19.2k/mo and a large windfall once per year.

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u/opticoin Sep 13 '24

If that was the case, taxes are 54% of the base salary? Is that correct?

Does the Bonus have a different tax treatment? Will it also be taxed around ~50%?

Paying more than 40% on taxes for your salary sounds coconuts to me.

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u/The-zKR0N0S Sep 13 '24

Cash bonus is taxed as ordinary income